Victims of Heavy Rainfall Can Extend Payment Deadlines for 'Value-Added Tax and Corporate Tax' by Up to 9 Months

Tax Support Including Seizure and Sale Postponement

Taxpayers affected by the recent heavy rains can extend the payment deadlines for value-added tax and corporate tax by up to 9 months.

The National Tax Service announced on the 19th that it will provide such tax support.

First, taxpayers experiencing difficulties due to the heavy rain damage can apply for extensions of the filing and payment deadlines for value-added tax, corporate tax, comprehensive income tax, etc., for up to 9 months. If it is difficult to file and pay the confirmed value-added tax for the first term of 2013 by the 25th, the deadline can be extended by up to 9 months. In addition, if there are any other national taxes that have been notified, taxpayers can also apply for an extension of the payment deadline for up to 9 months.

In cases where there are currently outstanding arrears, enforcement actions such as the sale of seized real estate can be postponed for up to one year. Furthermore, if taxpayers experiencing serious business difficulties due to the heavy rain damage apply to postpone or suspend tax audits, the National Tax Service plans to actively support these requests.

If taxpayers are unable to apply due to reasons such as death, injury, or disappearance, the National Tax Service will provide tax support such as payment deadline extensions ex officio. Businesses in special disaster areas can extend or defer payments for up to 2 years.

Additionally, if business assets have been lost by 20% or more due to the heavy rain damage, the tax amount will be deducted from the currently unpaid or future taxable income tax or corporate tax according to the proportion of the loss. Taxpayers can receive the tax deduction by submitting a disaster loss tax credit application to the tax office within 3 months from the date of the disaster occurrence.

This content was produced with the assistance of AI translation services.